Ask Experts Questions for FREE Help !
Ask
    bonnie3's Avatar
    bonnie3 Posts: 4, Reputation: 1
    New Member
     
    #1

    May 24, 2009, 01:03 PM
    Balance sheet adjustments
    Can someone tell me which type of Adjustments (Adjusted Trial Balance or Adjustment) the following are? Im trying to put them in my balance sheet.And would they be accounts recievable or notes payable or something else. I am confused


    a. As of December 31, 2005, employees had earned $900 of unpaid and unrecorded salaries. The
    Next payday is January 4, at which time $1,600 of salaries will be paid.
    b. The cost of supplies still available at December 31, 2005, is $2,700.
    c. The notes payable requires an interest payment to be made every three months. The amount
    Of unrecorded accrued interest at December 31, 2005, is $1,250. The next interest payment,
    At an amount of $1,500, is due on January 15, 2006.
    d. Analysis of the unearned member fees account shows $5,600 remaining unearned at December
    31, 2005.
    e. In addition to the member fees included in the revenue account balance, the company has earned
    Another $9,100 in unrecorded fees that will be collected on January 31, 2006. The company
    Is also expected to collect $8,000 on that same day for new fees earned in January 2006.
    f. Depreciation expense for the year is $12,500.
    morgaine300's Avatar
    morgaine300 Posts: 6,561, Reputation: 276
    Uber Member
     
    #2

    May 24, 2009, 03:37 PM

    The problem here is that all your adjusting entries are different, although there are 4-5 (depending on how you look at it) patterns they tend to follow. We don't do your homework for you, and the explanation required for you to get through all of these is a chapter long. This isn't the best format if you're completely lost on adjusting entries. It's OK to check one or two of them, but not to get enough explanation to do that many different ones.

    And I can tell you're completely lost, because all adjusting entries affect both an income statement account and a balance sheet account, and they are journal entries like any other journal entry, with a debit and a credit. You don't "put them into" the balance sheet. You make a normal entry, you re-balance any accounts affected, and then those balances carry over into the income statement and balance sheet.

    Since I can't lecture an entire chapter in a post (which is what you need), I am going to suggest that you try to find examples of these in your textbook and see what of it you can do on your own. You can post them if you like and someone can check them and help you further.

    If your textbook is too lousy to show decent examples with explanation, you can try looking at this:
    Adjusting Entries | AccountingCoach.com

Not your question? Ask your question View similar questions

 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

How to record partners'current acounts in the trial balance and balance sheet [ 1 Answers ]

Two persons started their own business with the amount of dhs 175000 paid by one of them who doesn't work in the company . And the other one work in the company as a general manger .Considering the money as a loan to be paid back to the partner within 18 months, when their first financial...

Trial Balance and Balance Sheet of an airline company [ 1 Answers ]

I would like to get the idea about the trial balance andbalance sheet of an airline company. Can any one help me with that? Thanks, Shanthi

If T-Accounts Balance does this mean balance sheet & P&L work correctly? [ 1 Answers ]

Hi, Just wondering been having some problems with my Balance Sheet balancing, I was wondering if the Trial Balance balances, does that mean that the balance sheet will balance? (given that I do everything correctly? ) Also just a quick question while I'm asking, regarding depreciation in...


View more questions Search